Motilal Oswal Innovation Opportunities Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Motilal Oswal Innovation Opportunities Fund Direct Growth Plan has a NAV of ₹15.0181 as of 15 September 2026 and a scheme AUM of ₹793 Cr. Its 1-year, 3-year and 5-year returns are 13.86%, 0% and 0%, and it sits in the High Risk category. Our view is that this is a fund for investors who can accept sharp swings and want an innovation-led equity allocation, but the short history and the weak longer-term record mean the recent improvement needs to be read with caution.

The fund has beaten its benchmark over 1 year, yet the 3-year and 5-year figures are not meaningful as realised long-term records. That makes the portfolio mix and the recent run especially important: the fund is built around active stock selection, a moderate cash position and a concentrated set of holdings that can move the outcome quickly in either direction.

Quick facts

Particular	Details
NAV	₹15.0181 as of 15 Sep 2026
AUM	₹793 Cr
Expense Ratio	1.02%
Launch Date	18 Feb 2025
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	1% on or before 90D, Nil after 90D
Fund Managers	Atul Mehra, Varun Sharma, Rakesh Shetty

The fund is managed by Atul Mehra, Varun Sharma and Rakesh Shetty.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	1.09%	-4.81%
3M	9.16%	-3.63%
1Y	13.86%	-8.27%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The recent pattern is better than the benchmark across every available period. Over 1 month, the fund held up while the benchmark stayed negative, and the 3-month period shows a clearer gap in favour of the fund. That is useful because it suggests the latest phase has been more resilient than the broader market reference.

The 1-year number gives the cleanest read on the fund’s current shape. A 13.86% return against a negative benchmark return points to stock selection that has worked better than the index over this stretch. At the same time, the path was not smooth, so we would not treat the result as a low-volatility outcome. This is still a portfolio that can behave unevenly.

Longer-dated figures are not available in a way that lets us judge a full cycle, so our view is that the recent strength matters more than any long-term compounding story here. The main takeaway is that the fund has outpaced the benchmark in the periods available, but the short track record means investors should anchor expectations to the fund’s current style rather than assume a full market cycle has already been proven.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD Motilal Oswal Innovation Opportunities?

A fund's past returns alone don't tell you whether you should buy it today or continue holding it.

The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.

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Peer comparison

Fund	1Y return	3Y return	5Y return
Motilal Oswal Innovation Opportunities Fund Direct Growth Plan	13.86%	Data not available	Data not available
ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan	69.16%	37.12%	Data not available
HDFC Pharma and Healthcare Fund Direct Growth Plan	27.47%	Data not available	Data not available
SBI Automotive Opportunities Fund Direct Growth Plan	27.05%	Data not available	Data not available
Kotak Healthcare Fund Direct Growth Plan	26.51%	Data not available	Data not available
Motilal Oswal Active Momentum Fund Direct Growth Plan	25.46%	Data not available	Data not available

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

The fund’s 1-year return trails every listed peer in this set, even though it is still ahead of the benchmark over the same period. That tells us the fund has been competitive versus the market reference, but not versus the strongest specialised peers on a 1-year basis.

On the longer horizon, the comparison is more limited because most peer rows do not have 3-year or 5-year values, while the current fund also does not present usable long-horizon returns. In practical terms, the peer table points to a short-term performance gap, but not to a complete long-term verdict.

So the story is mixed: the recent run is positive versus the benchmark, while the peer set shows that the fund has not matched the most emphatic near-term gains among similar thematic or sector-focused strategies.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Triparty Repo	Cash & Cash Equivalents and Net Assets	9.5%
Coforge Limited	IT	5.83%
RBL Bank Limited	Bank	4.03%
Dixon Technologies (India) Limited	Consumer Durables	4.01%
Entero Healthcare Solutions Ltd	Trading	3.42%
ABB India Limited	Capital Goods	3.31%
Interglobe Aviation Limited	Aviation	3.29%
Uno Minda Limited	Automobile & Ancillaries	3.25%
Eclerx Services Limited	IT	3.17%
Emmvee Photovoltaic Power Limited	Domestic Equities	3.14%

The top 10 holdings account for approximately 42.95% of the portfolio.

To see all holdings, visit the Motilal Oswal Innovation Opportunities Fund Direct Growth Plan page

Triparty Repo is the largest holding at 9.5%, and that cash-like position may help reduce immediate portfolio stress, though it also means a part of the portfolio is not directly exposed to equity upside at all times. The next positions are much smaller, with the largest equity name at 5.83% and the tenth holding at 3.14%, so the weight curve eases down fairly steadily rather than relying on one or two dominant stocks.

That shape suggests the fund is not extremely top-heavy, but it is still selective enough that a few positions may have greater influence on outcomes. With 34 disclosed holdings and the top 10 already accounting for 42.95%, the portfolio appears to combine a focused core with a longer tail of smaller bets. In our view, that can create room for stock-specific gains, while also leaving the fund exposed if a few large positions move against it.

Source data date: as of 15 Sep 2026

Who should invest

This fund is suited to investors who can tolerate High Risk and who are comfortable with a portfolio that may move unevenly from period to period. The available return pattern shows a better recent stretch than the benchmark, but it does not yet provide a long, steady record across multiple market phases.

We think the cleaner fit is for a medium- to long-term horizon, where investors can absorb swings and wait for the stock selection approach to work through different conditions. The main trade-off is simple: you get the chance to participate in a focused, innovation-oriented equity strategy, but you also accept the possibility of more variable outcomes than a broader, lower-risk equity fund.

Tax and exit load

Holding period	Tax rate	Description
Units held less than 1 year	20%	Short-term capital gains tax
Units held more than 1 year	12.5%	Long-term capital gains tax

Exit load: 1% on or before 90 days; no exit load after the holding period.

Source data date: as of 15 Sep 2026

Frequently asked questions

What is the current NAV of Motilal Oswal Innovation Opportunities Fund Direct Growth Plan?
Its NAV is ₹15.0181 as of 15 September 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 13.86%. The 3-year and 5-year returns are not available in a usable long-term format here.

How has the fund performed versus the benchmark?
It has outperformed the Nifty 50 over 1 month, 3 months and 1 year. The 1-year benchmark return is -8.27% versus the fund’s 13.86%.

How does it compare with the listed peer funds?
Its 1-year return is below the listed peers shown here, while the longer-horizon comparison is limited because most peer rows do not have 3-year or 5-year figures available.

Is there a minimum SIP?
Yes, the minimum SIP is ₹500.

What are the fund manager names and the exit load?
The fund is managed by Atul Mehra, Varun Sharma and Rakesh Shetty. The exit load is 1% on or before 90 days, and there is no exit load after the holding period.

Bottom line

This fund’s recent performance is stronger than its benchmark, but the available peer set shows that its 1-year return is softer than the more aggressive specialised funds listed alongside it. The portfolio is fairly focused, with 34 disclosed holdings and a meaningful top-10 weight, so individual stock moves can matter. High Risk is the right label for the type of ride here. For investors who want a concentrated innovation-style equity approach and can stay patient through uneven periods, it may be worth tracking closely.

Published on 16 September 2026 at 12:37 PM IST

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RIA disclosure

Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.